Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
Jordan exports pharmaceutical products worth US$874m in 2023
AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to...
Business
Economy
Economic licenses issued in Abu Dhabi saw 21.5 percent growth in 2021
Abu Dhabi issued 25,427 new economic licenses in 2021, an increase of 21.5 percent compared to the 2020 figure of...
- The report said that renewed economic licenses increased to 83,484, growing by 15.8 percent, from 72,070 in 2020.
- Of the 25,427 economic licenses issued, commercial sector licenses made up 24,077, up 21.4 percent from 19,839 in 2020.
Business
Shanghai lockdown snarls world’s busiest port and China supply chains
Beijing has refused to budge from its strict zero-Covid strategy, and that has forced many companies to halt production and...
- Shanghai has been sealed off almost entirely for a week following a Covid-19 outbreak fueled by the Omicron variant
- The financial hub of China, Shanghai is home to multinational firms and as well as the country’s busiest port
Economy
‘Islam forbids infringement on intellectual property rights’
The Committee for Ifta pointed out that ideas have value according to the regulations issued in this regard, and therefore...
- The Committee for Ifta pointed out that ideas have value according to the regulations issued in this regard, and therefore an infringement on them is not permissible
- The Committee warned against taking possession of the intellectual rights of others, benefiting from them, or taking compensation for them except with the permission of their owner
Economy
UAE’s GDP beats expectations, grows at 3.8 percent
The UAE's Gross Domestic Product (GDP) for 2021 has exceeded expectations, registering the highest rate in the region of AED...
- International institutions expected the growth of the country's GDP in 2021 at 2.1 percent.
- Our future is going to be promising, and we assure our people that the best is yet to come," Sheikh Mohammed said
Economy
Yemen president cedes powers to council as ceasefire holds
Houthi spokesman Mohammed Abdulsalam dismissed the move by President Abedrabbo Mansour Hadi as ‘a desperate attempt to rearrange the ranks...
- A United Nations-brokered truce that started on Saturday has offered a glimmer of hope in the conflict amid the humanitarian crisis
- The truce came as peace talks were unfolding in Riyadh without the participation of the Houthis, who refused talks on ‘enemy’ territory
Economy
IMF, Lebanon strike conditional deal on $3 bn aid
The IMF announced Thursday a conditional agreement to provide Lebanon with $3 billion in aid to help it emerge from...
- The country has been battered by triple-digit inflation, soaring poverty rates and the collapse of its currency since a 2020 debt default
- Experts reiterated doubts over the willingness of Lebanon's political elite, widely blamed for endemic corruption, to implement the reforms needed to resuscitate the economy
Business
Fuel price fall by five percent as demand takes a hit
The pullback came as US Federal Reserve meeting minutes showed several officials at the central bank favoring a hike in...
- Brent oil futures for June delivery fell 5.2 percent to $101.07 per barrel, while West Texas Intermediate for delivery in May slid 5.6 percent
- Oil executives rejected suggestions they had withheld supply to drive up prices and said they are in the process of increasing investments in response to higher commodity prices.
Economy
IMF reaches agreement on $3 billion deal for Lebanon
The country has been battered by triple-digit inflation, soaring poverty rates, and the collapse of its currency since a 2020...
- PM Najib Mikati said the deal is "a visa stamp for donor countries to begin co-operating with Lebanon and to put Lebanon back on the global finance map".
- The aid would be released only after the parliament in Beirut approves a 2022 budget and a new bank secrecy law to fight corruption.
Business
Shell to lose $5 bn
Nations and their companies have axed business ties with Russia over Ukraine.
- Shell is gradually withdrawing from Russia owing to the war due to the UK government policy.
- Shell previously apologized for buying a cargo of Russian oil at a vast discount following the invasion.
Business
EGA, Ma’aden tech cooperation
The two will explore potential collaboration in the aluminum value chain.
- The two firms will also consider cooperation in managing by-products from processes in the aluminum value chain
- EGA has developed its own aluminum smelting technology for more than 25 years.
Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
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China cuts key interest rate to support economy
The measures, which run counter to rising interest rates around the world as other major economies work to curb inflation,...
Economy
UAE’s ERC unveils housing project for victims of February quake in Syria
Latakia, Syria--The Emirates Red Crescent (ERC) has inaugurated the Al Naqa housing project in the Latakia Governorate in Syria. The...
Economy
Saudi Arabia issues tax warning to businesses: Pay up or face hefty fines
Riyadh, Saudi Arabia - Saudi authorities have issued a clear warning to businesses operating within the country: settle your outstanding...
Economy
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Business
Rival branches of Central Bank of Libya reunite
Libya's central bank announced that its two rival branches in the west and east are reuniting after nearly a decade...
- Libya has seen 12 years of stop-start conflict since the 2011 NATO-backed revolt that toppled strongman Moamer Kadhafi.
- The Central Bank of Libya said it has "again become a unified sovereign institution", in a statement issued by the governor and his deputy.
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
- This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
- NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Business
Iran-European Union trade reaches $2.5 billion in first half of 2023
Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...
- Iran-EU trade exchanges declined by 10 percent compared to the last year’s corresponding period.
- Germany, Italy and the Netherlands accounted for most of the export of products to Iran from January to June 2023.